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Mall at Stockland's Highlands estate in Melbourne on the market

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Mall at Stockland's Highlands estate in Melbourne on the market

Stockland placed on the market its Stockland Highlands mall as part of its A$300 million plan to sell retail town centers over the next 12 to 18 months.

Stockland Group Executive and CEO of Residential Andrew Whitson said, according to an earnings call transcript, that the property officially hits the market Feb. 22.

An analyst on the call was quoted as saying that the property will be sold for A$39 million, while The Australian Financial Review reported Feb. 21, without citing sources, that it is expected to fetch about A$40 million for Stockland.

The mall at Craigieburn, Melbourne, is anchored by a Woolworths supermarket, The Reject Shop and 17 other specialty stores. It is part of the Highlands master-planned community that covers more than 800 hectares of land and is expected to be home to at least 10,000 residents.